London, 16th February, 2007: Research conducted by some of the top financial comparison sites claim that 28 per cent of the UK population is trying to mend its financial situation by taking out personal loans.

After the year ending festivities, nearly 13 million people are going in for personal loans to consolidate their debts. Financial expert Tim Moss claims "Taking a personal loan to consolidate debts can be a useful way for people to get their finances under control, but a loan for these purposes should be considered carefully and only regarded as a measure for becoming debt-free – not as a licence to go spending again…".

In the beginning of the New Year Sainsbury's Bank predicted that 433,800 personal loans would be taken out between January and March. But other financial experts claim that the borrowing would cross £4.8 billion.

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